A Simple Budgeting Plan for Those Who Struggle with Discipline

Len reminds us regularly of the power, importance and necessity of family budgeting; and budgeting is a staple in his top five tools for the successful household CEO.

This article is not meant to replace the critically important family budget. Rather, it is meant to offer a way for the less-disciplined among us to “practice” having a formal budget before going all in by testing the waters of financial budgeting — with no record keeping.

The awesome power of a formal budget emanates from two key aspects:

personal accountability from documenting a plan

the discipline required to successfully live within our budget

For many of us, the idea of implementing a budget can be intimidating. The discipline required for successful family budgeting can be so daunting that many people subconsciously avoid it. Others consciously procrastinate, even though they know their finances would be much better off if they had a formal budget. Either way, these two tactics do nothing to improve the family financial position.

Budgeting for the Less Disciplined (BftLD) is a game that acts as the first step toward a implementing a formal budget; by making a short time commitment to a brief list of specific financial goals, BftLD is designed to give you the confidence you need to make financial improvements for your family.

In short, BftLD is an educational game that focuses on your mind, your debit card and your wants. Here’s how the game is played:

Create a simple daily plan, writing down the seven days of the week on a piece of paper.

After each day write down an amount you will not exceed spending on a few specific items.

Post the plan on your bathroom mirror.

Follow the plan for six weeks. Think of this as a budget for today only.

After six weeks, ask yourself: a) Do I have more money in the bank than I did six weeks ago? b) Have I done without anything that has restricted my lifestyle?

Here’s an example of a simple daily plan:

MY DAILY PLAN (for the Next Six Weeks)

Monday through Thursday:
I will not buy a Starbucks product
I will spend less than $15 per person dining out
I will not buy any clothing or shoes
I will not buy anything I can do without for the next six weeks

Friday:
Same as above, but I can spend up to $30 per person dining out

Saturday:
Same as Friday, but I will buy clothing or shoes if necessary for an upcoming event
I will not buy anything I can do without for the next six weeks

Sunday:
Same as Friday

NO EXCEPTIONS NO EXCUSES!

Of course, the idea is for you to tailor the plan above by setting your own goals.

So why not start the BftLD challenge tomorrow and give it a try for six weeks? You’ve got nothing to lose.

On the other hand, if you’re thinking there’s no way you could do this for six weeks, then you might have a serious spending problem. With that in mind, please let me share a story about a close friend of forty years: From May 15 through June 30 each year he drinks no alcohol. Why? Because it allows him to know for sure that he isn’t an alcoholic.

If nothing else, the BftLD challenge will help you find out if you’re addicted to spending.

Comments

I honestly one of the people whose guilty about struggling in terms of financial budgeting. I’m an impulsive buyer and that kind of attitude has been giving me headache. I’ll try to take the challenge.

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